Morepen Laboratories Limited board approves preferential issue to promoter, Corinth Investment Holdings AG

The Board of Directors of Morepen Laboratories Limited , in their meeting held on Wednesday, 28th April 2021 (Timings: Meeting commenced at 09.30 a.m. and concluded at 10.30 a.m.) have, subject to approval of members of the Company, considered and approved issue and allotment of Up-to 10,85,00,000 (Ten Crore Eighty-Five Lakh) Equity Shares, face value of the Equity Share of Rs. 2/- (Rupees Two Only) each, on a preferential basis.

- Up-to 5,00,00,000 (Five Crore) Equity Shares to Liquid Holdings Private Limited, an entity belongs to the Promoter Group of the Company, at a price of Rs. 38.00/- (Rupees Thirty-Eight Only) per Equity Shares, for an aggregate amount up-to Rs. 190,00,00,000/- (Rupees One Hundred Ninety Crore Only).

- Up-to 5,85,00,000 (Five Crore Eighty-Five Lakh) Equity Shares to Corinth Investment Holdings AG, a Switzerland based entity, belongs to the Public Category, at a price of Rs. 41.60/- (Rupees Forty-One and Sixty Paise Only) per Equity Shares, at a premium of 10% (approx.) on the issue price calculated as per SEBI (ICDR) Regulations, 2018, as amended, for an aggregate amount up-to Rs. 243,36,00,000/- (Rupees Two Hundred Forty-Three Crore Thirty-Six Lakh Only).

An Extraordinary General Meeting of the members of the Company will be held on Thursday, May 20, 2021, through Video Conferencing / Other Audio Video Means, for seeking approval of the members for the said preferential issue.

Shares of MOREPEN LABORATORIES LTD. was last trading in BSE at Rs.50.45 as compared to the previous close of Rs. 51. The total number of shares traded during the day was 689895 in over 2670 trades.

The stock hit an intraday high of Rs. 52.45 and intraday low of 50.15. The net turnover during the day was Rs. 35350875.

Source : Equity Bulls

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